VTB Virtue Broadcst

RNS Number:1036B
Virtue Broadcasting PLC
22 July 2004


Embargoed Release: 07:00hrs Thursday 22nd July 2004


                            Virtue Broadcasting Plc
                                ('the Company')

                                   Agreement


Virtue Broadcasting Plc is pleased to announce that it has reached an agreement
to surrender the property lease of its former head office, Tornado House,
Marlow, which is currently unoccupied.  Under the agreement the Company has made
a net cash saving of #805,000 compared to its obligations under the lease over
the next two and a half years.

The Company has agreed to pay Comland Management Limited ('the Landlord') a
surrender premium of #495,000 net of VAT in addition to related expenses and
reinstatement costs of #110,000. As part of the settlement the Company will
utilise a #318,000 secured rent deposit held in favour of the Landlord
previously fully written off in the Company's 2002 accounts. Therefore, the net
additional cash payment will be #287,000.

In consideration of the surrender premium the Company will avoid paying
approximately #1.4 million of rent, service charge, lease termination payments,
reinstatement costs and running costs over the next two and a half years.

The Company made full provision for the expected costs arising under the lease
in its 2002 accounts.

                                    - ENDS -


For more information contact:

James Ormondroyd, Finance Director
Tel: +44 (0) 20 7785 6000
Email: investorrelations@virtuebroadcasting.com

Andrew Tan, Account Director
Hansard Communications
Tel: +44 (0) 20 7245 1100




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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